/biz/ - Business & Finance

>>55142411
I'm not sure desu

The way I'm looking it at, if it gets back above the 18dma then it stands a fair chance of filling that gap just below $6.
On the other hand, if it keeps breaking downwards and breaks that support it could magnet down to the gap at around $3, which would be a convenient time for it to touch base with the 200dma that it hasn't seen since January, two birds one stone.

That might be overly pessimistic but gaps that don't form on a trend reversal scare me, and it could depend on how the sand sector reacts to oil price which is absolutely shitting itself right now and poised to make a new low. I have no idea how fracking sand reacts to oil price in general, that's something you'll know way more about than me as well as if the individual company fundamentals are strong enough for it to keep rising despite any of that.

If you think the company is going to do well regardless of oil's short term movements then it could be a buy soon, if you think it'll get dragged down with oil it could be worth waiting a little while longer to see if it breaks support.

Personally I don't want to buy any more until it gets back over the 18dma and shows it can resume some kind of upward momentum, and when I know it's not going to eat shit thanks to oil dumpning so that I don't end up buying a bounce before a lower low/gap fill, but a lot of that may just be my overall sand ignorance talking and also I'm biased as I'm happy with the position I've got for now desu so I don't mind missing the bottom of the dip or just being wrong.